David Zaslav, the CEO of CNN parent company Warner Bros. Discovery, announced the leadership change on CNN’s morning editorial call on Wednesday.
Zaslav appointed a four-person leadership team to lead the network in the interim.
Licht replaced Jeff Zucker as CNN’s chief executive last year, with a mandate to make the network move the network more toward the political center. But a town hall meeting with Donald Trump received wide criticism, and a revamp of the network's morning show imploded with the firing of Don Lemon.
A lengthy profile of Licht in Atlantic magazine that came out on Friday proved embarrassing and likely sealed his fate. Only two days ago, Licht promised on the same morning editorial call to fight to regain the trust of CNN employees.
But internally, Licht couldn't gain the support of many at the network who felt loyal to Zucker, who was forced out following the revelation of an improper relationship with a work colleague.
CNN's May ratings were dismal, with prime-time viewership less than half of rival of MSNBC, with Fox News Channel still leading among the cable networks.
Zaslav appointed four current CNN executives — Amy Entelis, Virginia Moseley, Eric Sherling and David Leavy — to run the network while a search for a replacement is conducted.
“We are in good hands, allowing us to take the time we need to run a thoughtful and thorough search for a new leader,” Zaslav said in a memo to CNN staff.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
